Amendment status not verified — confirm the current text below against the official source.
Any municipal fund or portion of a municipal fund or other property of a municipal fund or other property of a Municipality accruing under the provisions of section 121 or 122 to the [State Government]1, shall be applied in the first place to satisfy any liability of the Municipality transferred under such provisions to the [State Government]1 and secondly for the benefit of the inhabitants of the local area. Power of [Municipality] to transfer property